XTI Aerospace Reaches Non-Binding Agreement To Restructure ~$4.5M In Promissory Notes Issued In Connection With Acquisitions Of Drone Nerds And Anzu Robotics

The Seller Notes, of which approximately $4.5 million in aggregate principal and capitalized interest remain outstanding, went into default on October 11, 2026. The restructured Seller Notes are expected to extend the maturity date and provide additional financial flexibility as the Company continues to execute on its restructuring strategy.

Under the non-binding term sheet, the Seller Notes will bear interest at a rate of 8.5% per annum, effective as of June 30, 2026, amortizing monthly over 60 months. Notwithstanding the foregoing, a balloon payment of all principal and accrued interest shall be payable on September 30, 2028.  At any time during the first 12 months that the Seller Notes are outstanding, XTI shall have the option to elect to pay interest in kind ("PIK") until the Notes are paid in full.  

In addition to the non-binding agreement to restructure and amend the terms of the Seller Notes, the Company continues to have constructive conversations regarding its revolving credit facility with JPMorgan Chase Bank, N.A., and is optimistic regarding the outcome of these discussions.  

Additional details and provisions of the refinanced Seller Notes will be forthcoming once the documentation summarized in the Term Sheet is fully drafted and executed by the respective parties.